Singapore's MAS Orders Crypto Firms to Keep Customer Assets in a Trust by Year-End

Crypto work providers successful Singapore would request to deposit lawsuit assets nether a statutory spot earlier the extremity of the twelvemonth for safekeeping, the Monetary Authority of Singapore (MAS) announced connected Monday.

The request comes aft the MAS received public consultation astir enhancing lawsuit extortion initiated successful October 2022.

The MAS has besides restricted cryptocurrency work providers from facilitating lending and staking of tokens by their retail customers but organization and accredited investors could proceed to beryllium provided the service.

Singapore's cardinal slope has besides asked for nationalist feedback connected legislative amendments focused connected the implementation of the latest requirements.

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